Although the potential rewards are great, starting a new business at any age is fraught with risk. For younger people, however, the challenges are multiplied. Lack of experience, inadequate financial resources, and a lack of self-confidence all contribute in one way or another to make it tougher for a young entrepreneur than an older counterpart.

As a result, many young entrepreneurs fail to make the grade. But those that do succeed are those who face the obstacles they encounter with determination and resolve. They know that their greatest allies are the confidence to know that they will succeed against all odds, and the willingness to learn from their mistakes. Here’s a look at some of the challenges young entrepreneurs face and how they can work to overcome them.

5 Challenges Facing Young Entrepreneurs (and How to Overcome Them)